“Sour, Sweet, Gone”
Who does not love the the smily little soft candy Sour Patch Kids candy? Before it become every teenagers’ favorite chewing candy, the company is suffered from lack of market share compare to other soft chewy candy brand. In order to boost the sale and increase the market share, Sour Patch Kids CEO comes up with a market plan along with the marketing team to build up the awareness and the popularity of the brand name.
Analyzing what kind of media channels that the teenagers typically use or brow. This is the key for the company to find out how it could utilizes media channels to approach a broad range of teenagers.
Second Step: define main goals to achieve
After carefully analyzing, Sour Patch Kids company identifies three archives. The first is to grow the brand awareness through social media channels. The company hires famous teen YouTube stars to do short videos that feature Sour Patch Kids. The company also collaborates with popular Snapchat users to post funny videos that are inspired by words “sweet” and “sour”. These marketing efforts are aiming to increase the numbers of time that teenagers see Sour Patch Kids logo.These actions use the power of celebrity endorsement to build the brand name.
The second achieve is to come up with creative way to both feature Sour Patch Kids name and communicate with teenagers. The action including coming up special Valentine’s story telling site, which collaborates with WattPad. Last achieve is to enter music industry in order to attract even more consumers. Through entering different market segment, it could open the door to different type of market. Therefore, attract more customers to buy Sour Patch Kids product. At the same time, it could also approach teenagers through different way and build competitive advantage over other brand.
Sour Patch Kid doubles its market share between year 2010 and year 2015. Its sales are also go up by$30 million. Sour Patch Kid achieves an major success through implementing its new market strategy.